The Invisible Enemy is Cybercrime (UK Construction)

Cyber fraud is a real and present danger across almost all industry sectors, and the construction sector is not immune as our recent article demonstrated. According to the FCA there has been a jump of 52% in incident reports and recent global conflict may possibly increase this threat.

One of the primary types of fraud affecting the construction industry is the prevalence of payment diversion fraud. It is estimated that contractors pay out around £100m per year in fake invoices. In some cases, a single instance of payment diversion fraud can amount to millions of pounds. In such cases it is easy to see how the fraud would place intolerable pressure on the cash flow of a business and in extreme instances even lead to insolvency. In an industry already under pressure through factors such as super-inflation and rising energy costs, fraud is yet another unwelcome factor which can be detrimental to cash flow on a project.

To read the full text of this post by Matthew FriedlanderChris Recker and Sam Laycock, please visit the Duane Morris London Blog.

Infrastructure Investment and Jobs Act: Cybersecurity Impacts on the Energy Sector

The November 15 signing of the Biden administration’s bipartisan $1 trillion Infrastructure Investment and Jobs Act offers a prime opportunity to review the legislation, which brings a significant reinvestment in America’s energy infrastructure and an opportunity for many in the energy sector. Service providers hoping to benefit from the act’s substantial funding must be keenly aware of the cybersecurity requirements it implements, as they offer both potential opportunities for the prepared and potential pitfalls for the unwary.

To read the full text of this Alert by Duane Morris attorneys Owen Newman and Chris Chasin, please visit the Firm website.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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